Business
The Glimpse Group Announces the Acquisition of its 10th Subsidiary Company: Auggd, an Augmented Reality Software and Services Company, and the Establishment of Glimpse Australia
Asset Acquisition ushers Glimpse into the Architecture, Engineering and Construction (AEC) segment and entrance into the Australian enterprise marketsNEW
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"Asset Acquisition ushers Glimpse into the Architecture, Engineering and Construction (AEC) segment and entrance into the Australian enterprise marketsNEW YORK, NY / ACCESSWIRE / August 16, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (\"Glimpse\" or the \"Company\"), a diversified Virtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions, announced today that on August 13, 2021, it acquired the assets of Augmented Reality Investments Pty Ltd, an Australia based company (\"Auggd\").Auggd (https://auggd.com/) provides AR software and services to the AEC industry in Australia, Europe, and the US, creating experiences that visualize buildings, bridges, roads and underground services at true scale in their real-world environments. These can result in improved building, lower construction costs, clearer planning and impactful marketing. Since its inception approximately eight years ago, Auggd has generated over $2MM in aggregate revenue and has successfully deployed hundreds of mobile AR apps across a broad range of industry sectors.Video Link: https://vimeo.com/586889339The acquisition was structured as an asset acquisition and no liabilities were assumed by Glimpse. The transaction is equity based only (no cash consideration) and includes an initial nominally dilutive issuance of common shares, with the majority of future equity based acquisition payments subject to the achievement of significant Auggd revenue growth milestones over the next three years. Auggd has historically been cash flow neutral-to-positive and the acquisition is expected to be immediately accretive to Glimpse.Matthias Krampe, Co-Founder and Head of Business Development at Auggd, is expected to move to the US to lead it as its General Manager under Glimpse. His focus will be to expand Auggd's presence in the US, while simultaneously supporting and growing the existing Australian and European base.Mr. Krampe commented, \"We are thrilled to join Glimpse's diverse and robust ecosystem of VR & AR companies. We expect to leverage Glimpse's diverse base of top tier customers and relationships across industries to propel our growth in the AEC markets in the US. In parallel, our proprietary software and services will be integrated with Glimpse's technology platforms, further strengthen...